TRUST & ESTATE SERVICES

Experience Shapes Successful Trusts

At times, trust intentions and practical realities are mismatched. It takes experience to identify potential trouble spots. Read about situations that highlight the gaps and how to close them so a better future unfolds.

06.01.2015 - Thomas E. Junkin, Senior Vice President, Personal Trust Services

Experience Shapes Successful Trusts

“In theory, theory and practice are the same. In practice, they are not.” Albert Einstein It takes experience to fully appreciate Einstein’s words. After three decades of working with clients, here is what I know. First, some clients come to us having put a great deal of thought into how they think their estate plan should be structured and unfold over time. Second, good estate plans are generally the result of a coordinated team effort. The team members may change depending on your estate size and goals, the nature of your assets and the relative complexity of your family situation. Your dream team will likely consist of an accountant, a lawyer specializing in Wills and estate planning, an investment advisor, a life insurance agent, and a professional trust officer if you plan to appoint a trust company as your executor or trustee. Each brings their specialized expertise to the table. In addition to technical knowledge, trust officers spend their professional life dealing with trusts, other trustees and trust beneficiaries. Like Einstein, we learn hard-won lessons about what works and does not work in the real world. We help clients appreciate trouble spots in an estate plan that may otherwise seem perfect. To show you what I mean, here are some adapted examples based on real life situations.

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